What is the adjusted net income for 2019? For three years Chona's Merchandise failed to recognize accruals, prepayments and other transactionsin its accounts. Reported net income and a listing of the errors appear below:201920181,200,0002020(100,000)Reported Net Income (Loss)a.Failed to record accrued expenses20,00048,000b.Failed to record accrued salaries13,000C.12,00015,000Understated depreciation expenseOverstated ending inventoriesd.36,000e.40,000Failed to record purchase on account;merchandise properly included in endinginventoryf.3,0004,000Failed to recognize unused supplies at the endof the accounting periodg.60,000Failed to recognize gain on sale of land; Landcredited for amount of proceeds.9,000Failed to recognize unearned revenue at endof accounting period.h.400,00025,00018,00015,00028,0005,000

2019 Reported Net Income $ 4,00,000.00 Adjustments: a. Failed to record Accrued Expense…

Answered: What is the adjusted net income for…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 9E: Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance...

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Allowance for Doubtful Accounts has a debit balance of $762 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $16,242. Which of the following entries records the proper adjusting entry for bad debt expense? a.debit Allowance for Doubtful Accounts, $16,242 credit Bad Debt Expense, $16,242 b.debit Bad Debt Expense, $17,004 credit Allowance for Doubtful Accounts, $17,004 c.debit Bad Debt Expense, $15,480 credit Allowance for Doubtful Accounts, $15,480 d.debit Bad Debt Expense, $762 credit Allowance for Doubtful Accounts, $762
Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $2,400 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, Year 1. This analysis disclosed the following information: Not yet due 1-30 days past due 31-60 past due Age Group Total $ 76,000 $ 36,000 $ 25,000 Percentage Considered Uncollectible 1% 2% 10% What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at December 31, Year 1?
At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the amount of bad debts expense for the year? A. $12,000 B. $14,000 C. $10,000 D. $2,000
Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. Record the write off an account.
Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Credit
One company has a debit balance of $11325 in its allowance for doubtful accounts before any adjustments are made at the end of the year. Based on review and aging of its accounts receivable at the end of the year, One company estimates that $1452 of its receivables are uncollectible. As a result it will debit Bad Debts Expense for what amount?
At the end of the current year, using the aging of receivable method, management estimated that $24,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a credit balance of $465. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Helix reported the following information in its financial statements. Write-offs of accounts receivable were $340 in the current year. Helix did not recover any write-offs. At December 31 Current Year Prior Year Accounts receivable $ 7,800 $ 5,400 Allowance for doubtful accounts 680 490 Accounts receivable, net $ 7,120 $ 4,910 Determine Bad Debts Expense for the current year.
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Allowance for Doubtful Accounts has a debit balance of $988 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $15,286. Which of the following entries records the proper adjusting entry for bad debt expense? Select the correct answer. a-debit Allowance for Doubtful Accounts, $15,286 credit Bad Debt Expense, $15,286 b-debit Bad Debt Expense, $16,274 credit Allowance for Doubtful Accounts, $16,274 c-debit Bad Debt Expense, $14,298 credit Allowance for Doubtful Accounts, $14,298 d-debit Bad Debt Expense, $988 credit Allowance for Doubtful Accounts, $988
Knelling Company reported a balance in Accounts Receivable of $50,000 and a credit balance of $3,000 in the Allowance for Doubtful Accounts. The company’s aging of accounts receivable determined $12,000 to be uncollectible. Prepare the end-of-period adjusting entry to record bad debt expense.
Allowance for Doubtful Accounts has a credit balance of $1,468 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $20,012. Which of the following entries records the proper adjustment for bad debt expense? a.debit Allowance for Doubtful Accounts, $18,544; credit Bad Debt Expense, $18,544 b.debit Bad Debt Expense, $18,544; credit Allowance for Doubtful Accounts, $18,544 c.debit Allowance for Doubtful Accounts, $21,480; credit Bad Debt Expense, $21,480 d.debit Bad Debt Expense, $21,480; credit Allowance for Doubtful Accounts, $21,480

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